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Leading Edge Materials Closes First Tranche of C$4M Private Placement
The critical minerals developer issued 16M shares at C$0.25 each, with cornerstone shareholder Eric Krafft backing the raise. Proceeds will advance the Norra Kärr rare earth project and Woxna graphite mine.
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Leading Edge Materials closed the first tranche of a C$6 million private placement, issuing 16 million shares at C$0.25 each for gross proceeds of C$4 million, the company said Tuesday.
Each unit consists of one common share and one warrant exercisable at C$0.40 per share for two years. Cornerstone shareholder Eric Krafft agreed to subscribe for any units not purchased by other investors.
Leading Edge Materials plans to use the net proceeds to advance its Swedish and Romanian projects, the company said. The funding will support pre-feasibility study work and environmental permitting for the Norra Kärr heavy rare earth element project, which recently received a 25-year mining lease. The company also intends to fund studies related to a possible restart of the Woxna graphite mine and processing plant. For its Romanian exploration activities, Leading Edge Materials continues to seek alternative capital.